Word: crude
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Dates: during 2000-2009
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...Since leftist President Hugo Ch?vez began convincing the cartel's 11 member nations (of which Venezuela is a founder) to rein in world oil supply again after he took office in 1999, the price of crude has lept from less than $10 per barrel to a record $70-plus today. So Ch?vez is using the occasion of hosting a major OPEC meeting this week to trumpet the new mojo he's helped give OPEC - as well as to lobby to bring oil-producing neighbors like Ecuador into OPEC. "This OPEC meeting holds a lot of meaning for us," says Ch?vez...
...poorest people, and some of its worst environmental destruction. There are villages without power, water, health clinics or schools; pipelines that scar the earth; oil slicks that shimmer on rivers; flares that blaze bright and loud, burning off the gas that gushes to the surface along with the sweet crude. So poor are most who live in the Delta that some are prepared to risk their lives for a bucketful of fuel. Last week, more than 150 people died when an oil pipeline on the outskirts of Nigeria's biggest city, Lagos, west of the Delta, exploded in a massive...
...other "soft, oil-industry targets," a mend official wrote in an e-mail to news organizations. But it was also, the e-mail said, a message to "the Chinese government and its oil companies to steer well clear of the Niger Delta. The Chinese government by investing in stolen crude places its citizens in our line of fire." Western companies have grown used to working with the threat of attack. But the dangers are increasing. U.S. oil executive Ricky Wiginton, 51, was shot dead in Port Harcourt by assailants riding a motorbike as he drove to work at drilling-equipment...
...that doesn't mean we're running out of gas and oil. The U.S. consumes about 21.5 million bbl. of crude a day, and with inventories of 321.4 million bbl., stockpiles are above average for this time of year, according to the Energy Department. The major Gulf Coast pipelines were up and running by the end of last week, albeit at reduced capacity. The Louisiana Offshore Oil Port, the nation's only deep-water tanker port, unloaded its first cargo since Aug. 27. Still, some analysts predict that disruptions in the supply chain mean motorists will be in for several...
Optimists say the situation could stabilize relatively quickly. There have been no reports of major damage to Gulf refineries. The problem is there isn't enough electricity to power them. Demand for gasoline typically tapers off after Labor Day. And thanks to a presidential directive, the crude is flowing; 30 million bbl. from the Strategic Petroleum Reserve is being loaned to companies like Exxon. In addition, foreign producers in 25 countries have pledged another 30 million bbl. of crude and refined product. The EPA is allowing sales of less stringently refined fuel, and President Bush is permitting foreign vessels...